Full-scale breakout! 600666, 6 limit-ups in 11 days! Over 1.3 million shares hit the limit!

April 1, the three major A-share indexes opened higher across the board.

On the market, sector stocks broadly rose. The CPO concept, storage chip concept, optical communication concept, energy storage concept, non-ferrous metals, building materials, construction, and other sectors led the gains.

On the Hong Kong market side, both the Hang Seng Index and the Hang Seng Tech Index rose. Semiconductor Manufacturing International Corporation (SMIC) and Yangtze Optical Fibre and Cable (YOFC) gained more than 4%, Tencent Holdings rose more than 3%, Alibaba rose nearly 3%, and Meituan, Xiaomi, Bubble Mart, and others rose more than 1%.

Storage chip concept stays active

At the start of trading, the storage chip concept remained active. De Ming Li (德明利) hit the daily limit at one point, while Jiangbo Long (江波龙), and Purun Shares (普冉股份), among others, followed higher.

In terms of news, late on March 31, De Ming Li announced that it expects operating revenue of CNY 7.3 billion to CNY 7.8 billion in the first quarter of 2026, representing an increase of 483.05% to 522.98% year over year; it expects net profit attributable to shareholders of listed companies to be CNY 3.15 billion to CNY 3.65 billion, compared with a net loss of CNY 69.0877 million in the same period last year.

De Ming Li said that during the reporting period, the company continued to deeply focus on its storage business, rolling out differentiated, customized storage solutions around areas such as data centers, consumer electronics, and industrial control. Market expansion continued to achieve breakthroughs; product shipments increased, driving a significant jump in operating revenue. In addition, against the backdrop of tight supply, industry sentiment continued to rise, storage prices continued to climb. The company, leveraging its earlier, ample strategic inventory of raw materials, saw ongoing improvement in profitability, and profit levels rose significantly.

The compute power leasing concept became active again. AURORADE (600666) saw 11 straight daily limit boards. On the limit-up price board, there were over 1.3 million lots of buy orders. Ningbo Jian Gong (宁波建工) hit the daily limit as well. Macroview Technology (宏景科技), Ucoo (优刻得), Capital Online (首都在线), Sunyard Technology (顺网科技), and Jialitu (佳力图), among others, followed higher.

消息面上，在智谱2025年业绩说明会上，智谱CEO张鹏对记者介绍，2026年一季度智谱的API调用定价提升83%，即便如此，市场依然呈现出供不应求的情况。

Glass fiber concept surges quickly

The glass fiber concept surged quickly. Shandong Glass Fiber (山东玻纤) hit the daily limit. International Composite Materials (国际复材), China Jushi (中国巨石), Sinomateria Technology (中材科技), and others followed higher.

A research report from Tianfeng Securities said that NVIDIA’s release of its new architecture is driving a 2 to 3 times increase in PCB usage, and a 4 to 5 times increase in value-added. LPU and CPU server cabinets have been fully upgraded to M9-level materials, and demand for high-multilayer backplanes with low dielectric constant and low expansion special electronic fabrics is exploding.

In addition, CPO concept stocks rebounded collectively. Mingpu Opto-Magnetic Materials (铭普光磁) hit the daily limit, while Tengjing Technology (腾景科技), Changguang Huaxin (长光华芯), Uxin Shares (优迅股份), Benchuan Intelligent (本川智能), Tianfu Communication (天孚通信), and others led the gains.

Zhipu in Hong Kong jumps over 21%

Hong Kong AI application stocks strengthened. As of the time of this publication, Zhipu rose more than 21%, MINIMAX-W, XunCe (迅策), and others followed higher.

Zhipu released its financial report on March 31. In 2025, Zhipu’s total operating revenue was CNY 724 million, up 131.9% year over year. It recorded a full-year loss of CNY 4.718 billion, widening 59.5% year over year. The adjusted net loss for the year was CNY 3.182 billion, widening 29.1% year over year. Gross profit increased 68.7% year over year to CNY 297 million. The gross margin fell from 56.3% to 41.0%, mainly due to an increase in the proportion of cloud services, which lowered overall metrics.

In terms of performance, in 2025 Zhipu saw a substantial increase in revenue from cloud services and enterprise-level intelligent agents throughout the year. The growth rates were 292.6% and 248.8%, respectively. Cloud services gross margin improved from 3.3% to 18.9%, higher than the industry average.

Editor: Ran YANQING (冉燕青)